US Stocks Near Record Highs as Oil Prices Ease Inflation Worries
US stocks experienced a significant rally on Monday, pushing them to near-record highs. This surge was largely attributed to the easing of oil prices, which had been a major concern for Wall Street investors.
The price of Brent crude fell by 5% to $83.52, following President Donald Trump's announcement that he would hold off on new strikes against Iran at the urging of allies in the region.
This move helped to alleviate worries about the global flow of crude and led to a corresponding decline in Treasury yields. The yield on the 10-year Treasury fell to 4.68% from 4.75% late Friday.
Airlines and companies with high fuel bills, such as United Airlines (up 5.5%) and American Airlines (up 4.7%), led the market higher. Boeing also surged 7.2%, following certification of its new 737 MAX-7 planes by US regulators.